Of the Rs 5,000 crore, Rs 25 crore will be for upstream projects
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Mumbai: Oil major BPCL has investment plans of Rs 5,000 crore this year and Rs 1 lakh crore in five years. Of the Rs 5,000 crore, Rs 25 crore will be for upstream projects and between Rs 30-40 crore will go into refinery expansion, said BPCL chairman and managing director S.Varadarajan at the post-AGM press conference in Mumbai.
He said the PSU had achieved a profit after tax of Rs 5,084.51 crore for 2014-15 the highest ever, reflecting a 25 per cent increase over last year’s record profit of Rs 4,060.88 crore. The average GRM (gross refining margins) of its refineries at Mumbai and Kochi continues to be the highest of all PSU refineries and its marketing sales volume was 34.45 mmt compared to 34 mmt in the previous year.
Its market share among PSU oil companies however came down to 23.9 per cent from 23.50 per cent last year. The chairman said BPCL’s wholly owned subsidiary was undertaking its ambitious plans in the upstream exploration and production sector and will continue to evaluate attractive exploration options in Africa.
( Source : deccan chronicle )
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